What is Black Hills's net debt?

Black Hills (BKH) reported net debt of $4.22B in Q1 2026.

How has Black Hills's net debt changed year-over-year?

Black Hills's net debt increased by 5.4% year-over-year, from $4B to $4.22B.

What is the long-term trend for Black Hills's net debt?

Over 5 years (2020 to 2025), Black Hills's net debt has grown at a 3.8% compound annual growth rate (CAGR), from $3.75B to $4.52B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Black Hills BKH Net debt

Discontinued — last reported Q1 '26

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TDS

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-21.7×—

Other financials

Income statement

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Revenue$780.7M-3.0%

Operating income$201.9M-1.5%

Net income$131.0M-2.5%

EPS (diluted)$1.73-7.5%

Balance sheet

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Cash & equivalents$23.6M+258%

Total debt$4.2B+5.8%

Total equity$3.9B+8.5%

Total assets$10.8B+7.5%

Cash flow

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Operating cash flow$176.2M-22.7%

CapEx$267.4M+74.9%

Free cash flow-$91.2M-222%

Valuation

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Market cap$5.54B+20.7%

Enterprise value$9.76B+13.4%

P/E19.2×+2.8×

P/S2.4×+0.3×

Profitability

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Operating margin23.4%+0.1pp

Net margin12.6%-0.1pp

FCF margin-13.7%-14.0pp

Returns & leverage

See full

Return on equity7.6%-0.4pp

Debt / equity1.1×0.0×

Current ratio0.6×-0.1×

Where this comes from

Calculated from Black Hills’s reported figures.

$4.2Btotal debt−$23.6Mcash and equivalents=$4.22B

The official record: Black Hills’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Black Hills's net debt?: Black Hills (BKH) reported net debt of $4.22B in Q1 2026.
How has Black Hills's net debt changed year-over-year?: Black Hills's net debt increased by 5.4% year-over-year, from $4B to $4.22B.
What is the long-term trend for Black Hills's net debt?: Over 5 years (2020 to 2025), Black Hills's net debt has grown at a 3.8% compound annual growth rate (CAGR), from $3.75B to $4.52B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.